State Bank of India Q4 profit down 66 pct on surge in bad loan provisions

May 27, 2016 7:49 AM

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MUMBAI May 27 State Bank of India, the nation's top lender by assets, reported a worse-than-expected 66 percent fall in quarterly profit due to sharply higher provisions for bad loans.

The lender, which accounts for nearly a quarter of India's loans and deposits, said net profit was 12.64 billion rupees ($188.5 million) for the three months to March 31 from 37.42 billion rupees a year earlier.

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